| 1. | Indian Partnership Act, 1932 is applicable. | The Limited Liability Partnership Act, 2008 is applicable. |
| 2. | Registration is optional. | Registration is compulsory with ROC. |
| 3. | It is not a Body Corporate. | It is a Body Corporate. |
| 4. | It is created by an Agreement. | It is created by Law. |
| 5. | Partnership is not a Separate Legal Entity. | It is a Separate Legal Entity. |
| 6. | It doesn’t have perpetual succession. | It has perpetual succession. |
| 7. | Minimum 2 and maximum 50 partners are required for formation of Partnership. | Minimum 2 partners are required but no maximum limit. |
| 8. | Partners are severally and jointly liable for actions of other partners and the firm and their liability extends to personal assets mean to say that unlimited liability of partners. | Partners/members’ liability is Limited to the extent of their contribution towards LLP except in case of intentional fraud or wrongful act of omission or commission by a partner. |
| 9. | Partners are the agents of each other and of the firm. | Partners are agents of the firm only and not of other partners |
| 10. | Firm cannot own any assets. The partners own the assets of the firm. | The LLP can own assets. |